HOUSE PROPERTY
This query is : Resolved
04 October 2010
if an individual has two houses. if one is using for residence and another is using for his own business,then one is treared as self-occupied and how we treat another one i.e whether it is taxable or not.where as profit from that business is taxable under the head PGBP
04 October 2010
Section 22:
The annual value of property, consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, OTHER THAN such portions of such property as he may occupy for the purposes of any business or profession carried on by him, the profits of which are chargeable to income tax, shall be chargeable to income tax under the head "Income from House Property".
If the house is used for business, then it is not taxable.
The annual value of property, consisting of any buildings or lands appurtenant thereto of which the assessee is the owner, OTHER THAN such portions of such property as he may occupy for the purposes of any business or profession carried on by him, the profits of which are chargeable to income tax, shall be chargeable to income tax under the head "Income from House Property".
If the house is used for business, then it is not taxable.
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